Raiffeisen Bank considers IPO on Warsaw Stock Exchange

The banks of the Raiffeisen Zentralbank Oesterreich (RZB) group are preparing for an IPO which might occur in Q1 2005. "RZB plans to float shares worth about EUR 1 billion and this might be carried out simultaneously on two floors. If the decision is made, then the Warsaw Stock Exchange might have the highest chance, alongside the Vienna bourse," said Piotr Czarnecki, president of Raiffeisen Bank Polska. The Polish subsidiary is one of the best developing within the whole group and it posted a zł.64.7 million profit for the first half of the year, which is almost twice as much as a year earlier. The assets balance amounted zł.9.3 billion, a 25% increase, which is mainly due to granting loans, primarily entrepreneurs. "RBP has a target of doubling its profits each year and increasing the remaining ratios by 25-30% annually," said Czarnecki. (Puls Biznesu, pp. 1, 6) M.M.